Bausch Health Companies Inc.

Good morning and welcome to the Bausch Health first quarter 2021 results call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing star then zero on your telephone keypad. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Arthur Shannon, Senior Vice President, Head of Investor Relations and Global Communications at Bausch Health. Please go ahead.

Thank you, Drew. That's quite impressive. Good morning, everyone, and welcome to our first quarter 2021 Financial Results Conference call. Participating on today's call, our Chairman and Chief Executive Officer, Mr. Joe Papa. and Chief Financial Officer, Mr. Paul Herony. In addition to this live webcast, a copy of today's slide presentation and a replay of this conference call will be available on our website under the Investor Relations section. Before we begin, we would like to remind you that our presentation today contains forward-looking information. We would ask that you take a moment to read the forward-looking statement legend at the beginning of our presentation as it contains important information. This presentation contains non-GAAP financial measures. For more information about these measures, please refer to slide two of the presentation. Non-GAAP reconciliations can be found in the appendix to the presentation posted on our website. Filing the financial guidance in this presentation is effective as of today only. It is our policy to generally not update guidance until the following quarter and not to update or affirm guidance other than through broadly disseminated public disclosure. With that, it's my pleasure to turn the call over to Joe.

Thank you, Art, and thank you, everyone, for joining us. Today, I will briefly run through some of the first quarter highlights before turning the call over to Paul Herendine, our CFO, to review the financial results in detail and discuss our 2021 guidance. We'll then review the recovery of the businesses and share our thoughts on driving growth in 2021 and beyond, and provide an update on the previously announced plan to spin off Bausch & Lomb before opening the line for questions. Beginning with slide four, in 2021, we have three areas of strategic focus. First, continuing to execute on the business recovery from COVID. Second, unleashing growth drivers. And third, accelerating strategic alternatives to drive shareholder value. With that as a background, let's move to slide six, where we've shown our progress in each of these individual areas. Overall, our team has been able to adapt to the pandemic-related challenges, and despite a few pockets of variability, recovery is in progress across our business. Total company revenue was flat on an organic basis, and reported revenue grew by 1% compared to last year, driven by the rebound in Global Vision Care, Solta, and International RX Business. Importantly, our businesses generated strong cash flow from operations of $443 million in the first quarter. We are seeing strong performance, including market share gains and recovering from leading brands, including Thermage, Trulius, Ultra, Preservision, and Lumify. We also have made good progress advancing science during the quarter, which resulted in the recent announcement of statistically significant, favorable, top-line results from two Phase III trials. And with our focus on taking action to accelerate strategic alternative process, we repaid $200 million of debt in the first quarter using cash generated from operations and agreed to divest the moon for approximately $740 million. Finally, we have completed the accounting work to resegment our business and have provided a revenue breakdown for our five current segments in the chart on slide seven. In the first quarter, approximately 44% of the total company revenue was generated by Bausch & Lomb and about 56% from the remaining Bausch Healthcare or what we refer to as Bausch Pharma. To summarize, we entered 2021 with strong momentum, and our first quarter results demonstrate that the recovery is in progress. Our business is generating strong cash flows, and our leading products are poised for growth in key markets. In addition, we are advancing science in clinical trials and taking actions to accelerate the strategic alternative process. Before I turn the call over to Paul, I want to express my sincere appreciation to Paul, who is concluding his tenure as the Bausch Health CFO on May 31st. First, for his leadership of the finance organization, but importantly, for many contributions he made to the company over almost five years. He's been a great partner, and I look forward to continue working closely with him in his new role as special advisor to the chairman. And, of course, we also want to welcome Sam Eldesuki as our new CFO. Thank you. On behalf of the entire Bioshell team, thank you, Paul, for your strategic focus, your unwavering commitment, and for playing an instrumental role in our effort to turn around and transform the company we joined five years ago. With that, I'll turn it over to Paul to cover the financial results in more detail.